August 29, 2018

Market outlook

Daily charts:
- trend is up on daily charts
- today Nifty closed 0.4% in negative at 11692
- AD was 8:9 (actually very good)
- option writing resistance 11800 (separate post on this)

5 min charts:
- note yesterday's trading range was very small
- today, nifty traded within range of previous day's range
- I was long in 11700 SEP calls from yesterday with SL of 11700F
- break of range low (11720F) was exit of long positions even though SL did not break
- did not initiate short positions as market close was 15-20 min away

15 min charts:
- trend is down with SL around 11750 F

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